RAYONIER INC — Director's Dealing 2004

Aug 4, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAYONIER INC (RYN)
CIK: 0000052827
Period of Report: 2004-08-03

Reporting Person: O GRADY JOHN P (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-03	Common Shares	M	10000	$18.75	Acquired	94999.50	Direct
2004-08-03	Common Shares	S	4100	$45.00	Disposed	90899.50	Direct
2004-08-03	Common Shares	S	600	$45.02	Disposed	90299.50	Direct
2004-08-03	Common Shares	S	100	$45.04	Disposed	90199.50	Direct
2004-08-03	Common Shares	S	200	$45.01	Disposed	89999.50	Direct
2004-08-03	Common Shares	S	1000	$44.79	Disposed	88999.50	Direct
2004-08-03	Common Shares	S	4000	$44.75	Disposed	84999.50	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-03	01/02/96 Employee Stock Options	$18.75	M	10000	Disposed	2006-01-04	Common Shares (10000.00)	Direct